HomeMy WebLinkAbout02-26-18 City Commission Packet Materials - A4. Resolution 4879, Assessment Levy for SID 741, S. Tracy ReconstructionCommission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Kristin Donald, Finance Director
SUBJECT: Commission Resolution No. 4879 – Special Assessment Levy for Special
Improvement District No. 741
MEETING DATE: February 26, 2018
AGENDA ITEM: Action
RECOMMENDED MOTION: I hereby move to adopt Resolution Approve Resolution No.
4879- Special Assessment Levy for Special Improvement District No. 741
BACKGROUND:
At its January 22, 2018 meeting the City Commission adopted Resolution 4867, declaring it to be
the intention of the City Commission to create Special Improvement District (SID) No. 741 (the
“District”) for the purpose of undertaking certain local improvements to South Tracy Avenue
between Olive Street and one half block south of Harrison Street and financing the costs thereof.
Adoption of Resolution 4868 - a Resolution of the Bozeman City Commission to create SID No.
741 for the purpose of undertaking certain local improvements to South Tracy Avenue between
Olive Street and one half block south of Harrison Street and financing the costs thereof.
ALTERNATIVES: As suggested by the City Commission.
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FISCAL EFFECTS: The total estimated costs of the improvements are $1,528,000. The City
can commit, per its policy, $1,298,800 from the Street Reconstruction Fund to reduce the costs to
the District, leaving $229,200 of the costs to be funded by the District. In addition, the District will
be responsible for an estimated $1,000 in incidental costs related to the creation of the District for
a total of $230,200. Based on the recommended method of assessment, that is, lot frontage, for a
typical residential lot with 65 ft. of frontage, the total estimated assessment would be $3,078.14.
The assessment would be financed over 20 years. At the current estimated interest rate of 1.5%, a
typical residence would be assessed approximately $178.72 annually, equivalent to $14.89/month.
The City’s SID Revolving Fund has cash in excess of the statutorily required amount (10% of the
City’s outstanding SID debt). This excess will be used to underwrite the SID costs; the Revolving
Fund will loan the District the money, rather than have a bond sale. The City used this type of
underwriting for the Story Street and Wallace SID, also. This has a number of benefits: 1. Lower
interest rate for the District property owners, 2. Avoidance of the costs and time-consuming work
of underwriting and bond sale, 3. Revolving Fund will be “paid back” as property owners make
their payments over time, with interest.
The City’s SID Revolving Fund has total cash of $2.8 million. State law requires the fund to have
a balance of $104,053. Proceeding to underwrite this project, cash will immediately be decreased
by $230,200. Beginning in November, annual assessments will be paid back into the fund. Over
the life of the loan, the Revolving Fund will receive approximately $37,109.68 in interest earnings.
These earnings can be used to underwrite other projects in the future – growing the City’s ability
to complete SID projects.
Attachment: Resolution No. 4879
Report compiled on February 15, 2018
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Page 1 of 2
COMMISSION RESOLUTION NO. 4879
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN
LEVYING A SPECIAL ASSESSMENT UPON ALL PROPERTY SITUATED WITHIN
SPECIAL IMPROVEMENT DISTRICT NO. 741 IN THE TOTAL AMOUNT OF $230,200
TO DEFRAY THE COST OF MAKING THE IMPROVEMENTS IN SAID SPECIAL
IMPROVEMENT DISTRICT PURSUANT TO RESOLUTION NUMBER 4868
CREATING THE DISTRICT.
WHEREAS, the City Commission of the City of Bozeman, Montana did create Special
Improvement District 741 (the “District”) and thereby ordered and directed to be made within the
District improvements as specified in Resolution 4868; and
WHEREAS, the cost of making said improvements to be assessed against the properties
within the District amounts to the sum of $1,528,000 of which $230,200 (the “District's Share of
the Improvements”) is to be paid over a period of 20 years by the property located within the
District; and
WHEREAS, the properties located in the District are to be assessed to defray the
District’s Share of the Improvements; each lot, tract, piece, or parcel of land to be assessed for its
proportionate share of the whole of the District’s Share of the Improvements based on the formula
as set forth in the Resolution creating the District; and
WHEREAS, the City Clerk published notice of resolution for levy and assessment in
the Bozeman Daily Chronicle on January 28, 2018 and February 4, 2018 and sent mail notices to
the owners of each lot, tract, or parcel of land to be assessed in accordance with 7-12-4177, MCA;
and
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Resolution 4879, Resolution to Levy a Special Assessment on Property located in SID 741
Page 2 of 2
WHEREAS, the City Commission conducted a public hearing on resolution for levy
and assessment February 26, 2018 in accordance with 7-12-4178, MCA.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana that to defray the costs and expense of making said improvements in the
District, the City of Bozeman hereby levies and assesses a tax upon all property situated within
the District in the respective principal amounts listed on Exhibit A attached, plus annually accruing
interest as described in Resolution 4868 creating the District.
BE IT FURTHER RESOLVED, that the assessments for the District which are listed
in the City Treasurer’s assessment book are due and payable to the City Treasurer of the City of
Bozeman and will become delinquent at 5 p.m. on November 30th
and May 31st
of each year until
they are paid in full.
PASSED, ADOPTED, AND APPROVED by the City Commission of the City of
Bozeman, Montana, at a regular session thereof held on the 26th day of February, 2018.
___________________________________
CYNTHIA L. ANDRUS
Mayor
ATTEST:
________________________________________
ROBIN CROUGH
City Clerk
APPROVED AS TO FORM:
___________________________________
GREG SULLIVAN
City Attorney
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EXHIBIT A
Assessable Lot Total 2017
Property Address Property Owner Property Owner 2 Mailing Address City State Zip Code Frontage ‐ LF Assessment Amount Market Value
S. Tracy/Olive St James Parish Barbara Lyons 5 Mallard Ln Bozeman MT 59718‐9445 135 $ 6,393.05 $ 300,760.00
211 S Tracy Crawford, Kathleen A 211 S Tracy Ave Bozeman MT 59715‐4603 45 $ 2,131.02 $ 355,829.00
217 S Tracy Clingner, Doughlas & Cynthia 217 S Tracy Ave Bozeman MT 59715‐4603 60 $ 2,841.36 $ 428,800.00
221 S Tracy Charlie Management LLC 850 NE 5th Ave Boca Raton FL 33432‐2930 60 $ 2,841.36 $ 802,644.00
202‐208 S Tracy Piva, Orlando, Gary & Sandra 128 S 5th St E Missoula MT 59801‐2720 90 $ 4,262.03 $ 456,600.00
212 S Tracy Smith, Theila Revocable Trust Culbertson, Barry Revocable Trust 212 S Tracy Ave Bozeman MT 59715‐4604 60 $ 2,841.36 $ 392,200.00
216 S Tracy City of Bozeman PO Box 1230 Bozeman MT 59715 90 $ 4,262.03 $ 332,914.00
222 S Tracy Lee, Barbara 222 S Tracy Ave Bozeman MT 59715 60 $ 2,841.36 $ 405,100.00
303 S Tracy Harris, Nicholas Dawood Andleeb Rev Living Trust 303 S Tracy Ave Bozeman MT 59715‐4605 60 $ 2,841.36 $ 540,200.00
307‐309 S Tracy Beall, Sharon L 307 S Tracy Ave Bozeman MT 59715‐4605 60 $ 2,841.36 $ 374,300.00
311 S Tracy Lavin, Matthew & Kristi 311 S Tracy Ave Bozeman MT 59715‐4605 55 $ 2,604.58 $ 387,600.00
315 S Tracy Sorensen, M Beth PO Box 985 Bozeman MT 59771‐0985 55 $ 2,604.58 $ 546,200.00
5 W Koch St Carmel Sky Properties LLC PO Box 5258 Bozeman MT 59717‐5258 70 $ 3,314.91 $ 521,500.00
304 S Tracy South Tracy Limited Liability Company 304 S Tracy Ave Bozeman MT 59715‐4606 56 $ 2,651.93 $ 565,700.00
308 S Tracy Nute, Robert & Joanna 308 S Tracy Ave Bozeman MT 59715‐4606 66.2 $ 3,134.96 $ 390,049.00
Tracy Place Condo CEG LLC 120 Promintory LN Lafayette CA 94549‐2149 73.83 $ 3,496.29 $ 209,100.00
318 S Tracy Ave Totten, Charles & Alison 318 S Tracy Ave Bozeman MT 59715‐4606 69 $ 3,267.56 $ 470,940.00
328 S Tracy Ave Kurowski, Chris 328 S Tracy Ave Bozeman MT 59715‐4730 87 $ 4,119.97 $ 667,452.00
404 S Tracy Ave Blue Steel Partners LLC PO Box 1584 Bozeman MT 59771‐1584 94.04 $ 4,453.35 $ 447,629.00
412 S Tracy Ave Horswill, Richard & Beatrice 412 S Tracy Ave Bozeman MT 59715‐5276 42 $ 1,988.95 $ 400,700.00
416 S Tracy Ave 416 Tracy LLC 428 N 7th Ave Bozeman MT 59715‐3310 42 $ 1,988.95 $ 361,900.00
420 S Tracy Ave Ciari Kate Regan Rev Living Trust 420 S Tracy Ave Bozeman MT 59715‐5276 42 $ 1,988.95 $ 469,937.00
424 S Tracy Ave Talbot, George 424 S Tracy Ave Bozeman MT 59715‐5276 71.45 $ 3,383.58 $ 926,800.00
430 S Tracy Ave Kempisty, Brian D 733 S Tracy Ave Bozeman MT 59715‐5323 53.46 $ 2,531.65 $ 199,162.00
436 S Tracy Ave Turrentine, Marilou Wilson, David 436 S Tracy Ave #1 Bozeman MT 59715‐5276 74.95 $ 3,549.33 $ 430,500.00
401 S Tracy Ave Sheedy, Theodore & Cheryl 233 Alta Vista Dr Bozeman MT 59715‐8106 50.14 $ 2,374.43 $ 658,200.00
405 S Tracy Ave Comaratta, Mark & Kathleen 405 S Tracy Ave Bozeman MT 59715‐5277 40.27 $ 1,907.02 $ 838,334.00
407 S Tracy Ave Pocock, Lisa & Matthew 407 S Tracy Ave Bozeman MT 59715‐5277 60.28 $ 2,854.62 $ 574,800.00
415 S Tracy Ave Bell, William & CHristine 415 S Tracy Ave Bozeman MT 59715‐5277 50.2 $ 2,377.27 $ 354,500.00
419 S Tracy Ave Hohne, Richard & Hilary Fetter 408 S Black Ave Bozeman MT 59715‐4804 50.1 $ 2,372.53 $ 350,000.00
423 S Tracy Ave Scott, David & Teri 423 S Tracy Ave Bozeman MT 59715‐5277 50 $ 2,367.80 $ 501,010.00
501 S Tracy Ave Hodgson, Mark & Christine 501 S Tracy Ave Bozeman MT 59715‐5279 50 $ 2,367.80 $ 690,340.00
505 S Tracy Ave Maxted, Frederick J III Albrecht, Denise R 505 S Tracy Ave Bozeman MT 59715‐5279 50 $ 2,367.80 $ 521,900.00
509 S Tracy Ave Malloy, Robert & Denise 30 South St Pittsford NY 14534‐2045 50 $ 2,367.80 $ 717,500.00
513 S Tracy Ave Ward, Margaret 513 S Tracy Ave Bozeman MT 59715‐5279 75 $ 3,551.69 $ 654,700.00
519 S Tracy Ave Strich‐Westphal, Pamela 519 S Tracy Ave Bozeman MT 59715‐5279 75 $ 3,551.69 $ 582,193.00
601 S Tracy Ave Carpenter, Scott Turner, Barbara PO Box 121 El Portal CA 95318‐0121 60 $ 2,841.36 $ 684,400.00
607 S Tracy Ave Donaghy Family Bypass Trust 1604 Briarwood Dr Jonesboro AR 72401‐4631 60 $ 2,841.36 $ 457,300.00
611 S Tracy Ave Kathy Elliott Trust 105 Bosenberry Dr Garland TX 75044‐2650 52.5 $ 2,486.19 $ 494,500.00
615 S Tracy Ave Meier, Albert & Martha Mathia Ellis 615 S Tracy Ave Bozeman MT 59715‐5321 52.5 $ 2,486.19 $ 613,800.00
619 S Tracy Ave Bond, Aaron 619 S Tracy Ave Bozeman MT 59715‐5321 75 $ 3,551.69 $ 462,000.00
705 S Tracy Ave Evans, Andrea & Dane 705 S Tracy Ave Bozeman MT 59715 60 $ 2,841.36 $ 528,700.00
709 S Tracy Ave Wirth, Jonathan & Jennifer 709 S Tracy Ave Bozeman MT 59715‐5323 60 $ 2,841.36 $ 375,100.00
717 S Tracy Ave Rutherford, William 717 S Tracy Ave Bozeman MT 59715‐5323 70 $ 3,314.91 $ 588,600.00
721 S Tracy Ave Weaver, David & Jill PO Box 335 Bozeman MT 59771‐0335 60 $ 2,841.36 $ 622,100.00
725 S Tracy Ave Elhard, Ellen 725 S Tracy Ave Bozeman MT 59715‐5323 60 $ 2,841.36 $ 462,200.00
733 S Tracy Ave Kempisty, Brian D 733 S Tracy Ave Bozeman MT 59715‐5323 78.14 $ 3,700.39 $ 549,100.00
502 S Tracy Ave Bossenbrook, Mark 502 S Tracy Ave Bozeman MT 59715‐5278 50 $ 2,367.80 $ 420,800.00
508 S Tracy Ave Bozeman School District #7 PO Box 520 Bozeman MT 59771‐0520 510 $ 24,151.52 $ 1,011,952.00
706 S Tracy Ave Anton Revocable Family Trust 414 Hodgeman Canyon Bozeman MT 59718‐7321 50 $ 2,367.80 $ 339,400.00
712 S Tracy Ave Lange, Eric & Connie 712 S Tracy Ave Bozeman MT 59715‐5324 62.5 $ 2,959.75 $ 390,600.00
716 S Tracy Ave Shellenberg, Kathryn 716 S Tracy Ave Bozeman MT 59715‐5324 62.5 $ 2,959.75 $ 363,700.00
720 S Tracy Ave Raffensperger, Dennis & Marilyn 720 S Tracy Ave Bozeman MT 59715‐5324 50 $ 2,367.80 $ 728,800.00
724 S Tracy Ave Tillack, Peter & Noriko 724 S Tracy Ave Bozeman MT 59715‐5324 50 $ 2,367.80 $ 436,900.00
728 S Tracy Ave Boyle, Robert & Christana 1315 N Murray Ln Liberty Lake WA 99019‐8567 50 $ 2,367.80 $ 330,000.00
732 S Tracy Ave Dimitrelos, Konstantinos & Jennifer 732 S Tracy Ave Bozeman MT 59715‐5324 50 $ 2,367.80 $ 688,000.00
801 S Tracy Ave Winkelman, Brandt 801 S Tracy Ave Bozeman MT 59715‐5325 55 $ 2,604.58 $ 384,100.00
807 S Tracy Ave Kozicki, David & Rachelle 807 S Tracy Ave Bozeman MT 59715‐5325 62.5 $ 2,959.75 $ 425,900.00
811 S Tracy Ave Koopman, Roger & J Ann 811 S Tracy Ave Bozeman MT 59715‐5325 50 $ 2,367.80 $ 369,000.00
815 S Tracy Ave Goldman, Jennifer PO Box 6642 Bozeman MT 59771‐6642 62.5 $ 2,959.75 $ 374,800.00
821 S Tracy Ave Patencio, Alycia 821 S Tracy Ave Bozeman MT 59715‐5325 50 $ 2,367.80 $ 453,600.00
825 S Tracy Ave Olsen, William 175 S Va Lucia Alamo CA 94507‐1834 50 $ 2,367.80 $ 382,700.00
802 S Tracy Ave Davant, John & Roxanna 802 S Tracy Ave Bozeman MT 59715‐5326 55 $ 2,604.58 $ 376,500.00
806 S Tracy Ave Henning Family Living Trust 806 S Tracy Ave Bozeman MT 59715‐5326 50 $ 2,367.80 $ 412,000.00
810 S Tracy Ave Barton, John & Karen 810 S Tracy Ave Bozeman MT 59715‐5326 50 $ 2,367.80 $ 434,300.00
814 S Tracy Ave Thompson, James & Victoria 814 S Tracy Ave Bozeman MT 59715‐5326 50 $ 2,367.80 $ 348,100.00
820 S Tracy Ave Warthin 2013 Trust PO Box 401 Yellowstone NaWY 82190‐0401 40 $ 1,894.24 $ 428,300.00
822 S Tracy Ave Benincasa, Dominic 822 S Tracy Ave Bozeman MT 59715‐5326 40 $ 1,894.24 $ 345,300.00
824 S Tracy Ave Barker, Eric Roche, Eleanor 824 S Tracy Ave Bozeman MT 59715‐5326 50 $ 2,367.80 $ 344,600.00
8 W Harrison St Taylor, Carson & Deborah 8 W Harrison St Bozeman MT 59715‐5336 150 $ 7,103.39 $ 617,891.00
908 S Tracy Ave Mary Rauch Investments LLC PO Box 1794 Bozeman MT 59771‐1794 150 $ 7,103.39 $ 2,434,800.00
TOTALS 4861.06 $ 230,200.00 $ 36,507,836.00
Total Assessment $ 230,200.00
Assessment / foot of Frontage $ 47.36
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